Begin by gathering all your ingredients and tools. Carefully chop the carrots, potatoes, and onions into desired pieces. Mince the garlic cloves thoroughly. Set everything aside for smooth cooking.
Heat olive oil in the large Dutch oven over medium-high heat. Add the beef chunks, searing them in batches to avoid overcrowding. Once browned, remove the beef from the pot and set it aside.
Add tomato paste to the pot, stirring to combine with the vegetables. Pour in the red wine to deglaze the pot, scraping up all the flavorful bits from the bottom.
Return the seared beef to the pot, adding the beef broth until everything is submerged. Stir in thyme, bay leaves, and season with salt and pepper. Simmer for 2 to 2.5 hours.
Notes
For a thicker stew, mix 1 tablespoon of cornstarch with 2 tablespoons of water and stir in during the last 20 minutes of simmering.